A recent insurance study revealed that nearly 70% of drivers have stayed with the same insurance company for over three years, and 38% of customers have never compared insurance rates at all. Kentucky drivers could save approximately 30% a year, but most tend to underestimate how much they could save if they switch to a new company.
To save the most money, the best way to get affordable auto insurance rates is to start comparing prices regularly from insurers who provide auto insurance in Lexington. You can compare rates by following these guidelines.
First, read about how companies price auto insurance and the measures you can control to lower rates. Many rating factors that result in higher prices such as traffic violations, accidents, and an imperfect credit rating can be eliminated by making minor driving habit or lifestyle changes.
Second, request price quotes from direct, independent, and exclusive agents. Direct companies and exclusive agencies can only give rate quotes from one company like GEICO or State Farm, while agents who are independent can quote rates for many different companies. View prices
Third, compare the new rate quotes to your current policy premium to see if you can save by switching companies. If you find a lower rate quote, make sure there is no lapse in coverage.
A good tip to remember is to try to use the same deductibles and limits on every quote request and to quote with as many auto insurance providers as possible. This provides a fair rate comparison and a better comparison of the market.
This article will teach you how car insurance quotes work and how you can save the most money. If you already have coverage, you will surely be able to shop for the lowest rates using the tips covered below. Smart buyers just need to learn how to buy insurance from multiple carriers.
Affordable Toyota Rav4 Hybrid insurance in Lexington
Insurance is expensive, but companies offer discounts that may help make it more affordable. Certain reductions will be credited when you purchase, but some discounts are required to be specially asked for prior to getting the savings. If they aren’t giving you every credit possible, you are just wasting money.
- Pay Now and Pay Less – If you pay your entire premium ahead of time instead of monthly or quarterly installments you can avoid monthly service charges.
- Smart Student Discounts – Getting good grades can save 20 to 25%. Earning this discount can benefit you well after school through age 25.
- Multiple Cars – Insuring multiple cars or trucks on a single policy can reduce the rates for all insured vehicles.
- Good Driver Discounts – Insureds without accidents can save up to 40% or more on their Lexington car insurance quote as compared to drivers with claims.
- Multi-line Discount – If the company offers life insurance, you could get a break if you buy life insurance from them.
- Drivers Ed for Students – Have your child participate in a local driver’s education class in school.
- Accident Free – Insureds who avoid accidents and claims pay less in comparison with drivers who are more careless.
Remember that most discount credits are not given to the overall cost of the policy. Most cut individual premiums such as medical payments or collision. Despite the fact that it seems like having all the discounts means you get insurance for free, nobody gets a free ride.
Car insurance companies that may include these benefits are:
- Mercury Insurance
- Farmers Insurance
- Auto-Owners Insurance
- Liberty Mutual
Check with each company to give you their best rates. Some of the earlier mentioned discounts may not apply to policies in every state.
Car insurance coverage options for a Toyota Rav4 Hybrid
Learning about specific coverages of car insurance aids in choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be ambiguous and nobody wants to actually read their policy.
Uninsured or underinsured coverage – This coverage protects you and your vehicle from other motorists when they are uninsured or don’t have enough coverage. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.
Since a lot of drivers only purchase the least amount of liability that is required (25/50/10 in Kentucky), their limits can quickly be used up. This is the reason having UM/UIM coverage is a good idea. Usually your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.
Comprehensive protection – This pays to fix your vehicle from damage from a wide range of events other than collision. You need to pay your deductible first and the remainder of the damage will be paid by comprehensive coverage.
Comprehensive can pay for things such as hitting a deer, rock chips in glass, falling objects, damage from flooding and damage from a tornado or hurricane. The most you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.
Medical expense coverage – Coverage for medical payments and/or PIP provide coverage for bills for things like EMT expenses, rehabilitation expenses, funeral costs and dental work. They can be used in conjunction with a health insurance policy or if you do not have health coverage. It covers not only the driver but also the vehicle occupants in addition to getting struck while a pedestrian. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay
Coverage for liability – This coverage provides protection from injuries or damage you cause to other people or property by causing an accident. It protects YOU from claims by other people, and doesn’t cover your own vehicle damage or injuries.
Liability coverage has three limits: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show policy limits of 25/50/10 that means you have a limit of $25,000 per injured person, a total of $50,000 of bodily injury coverage per accident, and a total limit of $10,000 for damage to vehicles and property. Another option is a combined limit which combines the three limits into one amount rather than limiting it on a per person basis.
Liability can pay for things like attorney fees, repair costs for stationary objects, repair bills for other people’s vehicles, funeral expenses and medical services. How much liability coverage do you need? That is up to you, but consider buying higher limits if possible. Kentucky state law requires minimum liability limits of 25/50/10 but it’s recommended drivers buy better liability coverage.
The next chart demonstrates why low liability limits may not be enough.
Collision coverage – Collision insurance pays to fix your vehicle from damage from colliding with another car or object. You have to pay a deductible and the rest of the damage will be paid by collision coverage.
Collision insurance covers things like crashing into a building, colliding with a tree and rolling your car. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Another option is to increase the deductible on your Rav4 Hybrid to get cheaper collision coverage.
Persistence is the key to cheaper rates
You just learned a lot of ways to compare Toyota Rav4 Hybrid insurance premium rates in Lexington. The most important thing to understand is the more companies you get prices for, the better your comparison will be. You may even find the best premium rates are with a lesser-known regional company.
Insureds change insurance companies for a number of reasons such as policy cancellation, high prices, unfair underwriting practices and extreme rates for teen drivers. It doesn’t matter what your reason, finding the right auto insurance provider is not as difficult as it may seem.
Budget-conscious Toyota Rav4 Hybrid insurance can be bought from both online companies in addition to local insurance agencies, and you need to price shop both in order to have the best price selection to choose from. Some insurance providers may not have rates over the internet and many times these small insurance companies only sell through local independent agencies.
For more information, link through to the following helpful articles:
- Vehicle Size and Weight FAQ (iihs.org)
- How Much is Lexington Auto Insurance for a Company Car? (FAQ)
- Who Has the Cheapest Car Insurance for a Honda Accord in Lexington? (FAQ)
- Distracted Driving Statistics (Insurance Information Institute)
- Top Signs Your Brakes are Giving Out (State Farm)